Last Update 23:3
Thursday, 19 September 2019

Egypt adopting strategy to restore cotton industry to top of global market: Minister

Doaa A.Moneim , Tuesday 6 Aug 2019
main
Minister of Public Business Sector Hisham Tawfik during the meeting with heads of cotton companies
Share/Bookmark
Views: 2123
Share/Bookmark
Views: 2123

Egyptian Minister of the Public Business Sector Hisham Tawfik has announced that Egypt is adopting a new strategy to restore its cotton industry to its place at the top of the global cotton market.

In a meeting with the heads of public and private cotton companies, Tawfik said that the new strategy involves implementing a new system for cotton trading which will be put in place on a trial basis in Fayoum and Beni Sweif governorates during the harvest season of 2019.

"The new system, which costs EGP 8 million, has determined that 17 centres are to receive cotton crops directly from farmers with no intermediaries. Nine of [the centres] will be in Fayoum and the other eight in Beni Sweif. These centres will also provide farmers with special cotton packs as of 17 August to protect the crops from contamination," Tawfik clarified.

Tawfik also said that sales will be through public auction and in accordance with the American long-staple and short-staple cotton prices, where farmers earn the highest revenue in line with international prices.

Tawfik added that that system gives farmers the right to be paid 70 percent of the sales price in cash, and that the remaining 30 percent are to be paid within one week of the public auction.

Search Keywords:
Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.